Israeli cyber security co Cronus raises $3.5m

Haifa-based Cronus uses an algorithm to imitate the way hackers think.

Cyber security startup Cronus Cyber has raised $3.5 million. According to figures from the IVC database, the company has raised $6.2 million since it was founded, including the current round.

CEO Doron Sivan and CTO Matan Azugi founded Cronus in 2014 and the company's announcement described Azugi as one of the world's leading hackers. Cronus's product uses an algorithm to try to imitate a human hacker's way of thinking. Former Israeli Air Force chief Eitan Ben Eliyahu is the company's chairman.

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Cronus's financing round included US fund Janvest Capital Partners, a European investor, and a strategic investor from Hong Kong. The company previously received funding from the Ministry of the Economy and Industry Chief Scientist.

The company's headquarters are in Haifa, and it also does business in the UK, Germany and Hong Kong. The money raised is expected to enable Cronus to expand its business to the US. Cronus is also active in the local market, and notes that its product is currently installed at a series of financial concerns, including First International Bank of Israel (TASE: FTIN). The company adds that its solution is also installed at large organizations, including some appearing on the Fortune 1000.

Sivan said today "We're proud of our new investor. His investment will enable us to emphasize Far Eastern markets, which according to the Gartner report will soon be leading the world." He added, "We're also proud of the trust that the existing investors have shown by again investing in us."

Cronus director and Janvest managing director and venture partner Sinai Bareket, a former Intel Israel marketing and sales manager, said, "The experience, know-how, and sophistication of the Cronus entrepreneurs and team have been channeled for the purpose of establishing a unique platform, and we believe in its business potential in the US and in the rest of the world."